30/10/2024 Evening Reports
Oil prices edged up after a two-day decline, with Brent crude nearing $72 a barrel and West Texas Intermediate around $68. An Israeli minister suggested the conflict with Hezbollah might end this year, while the military chief warned of strong retaliation against Iran if it attacks again.
Market attention has shifted to weak fundamentals due to sluggish Chinese demand and ample global supply, alongside OPEC+’s plans to increase production from December. Commodity and financial markets are also bracing for the US election and a meeting of China’s top legislative body, as investors watch for potential economic stimulus.
How will ongoing geopolitical tensions and changing market dynamics impact your views on oil prices in the coming months?
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Nasdaq Rises Amid Big Tech Optimism as Alphabet’s Earnings Shine; US Economic Growth Slows in Q3
US stock futures were mixed on Wednesday as the Nasdaq gained momentum, boosted by Alphabet’s strong quarterly earnings. Alphabet’s performance highlighted progress in AI investments, lifting shares by over 6% premarket and positively influencing other Big Tech stocks like Amazon, Meta, and Microsoft. Meanwhile, economic data showed that the US economy grew at a slower-than-expected 2.8% annualized rate in Q3 as inflation moderated. Additionally, ADP’s report revealed a sharp rise in private payrolls for October, raising anticipation for Friday’s monthly jobs report. These developments come as investors await earnings from other tech giants and assess the economic outlook ahead of the Federal Reserve’s upcoming interest rate decision.
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Q3 Surprise: Slower Growth, Lower Inflation – Is This the Fed’s Moment?”
Q3 Growth Hits 2.8%: The US economy grew at a 2.8% annualized rate in Q3, just under the expected 2.9%, showing resilience despite cooling slightly from Q2’s 3%.
Inflation Moderates: The core Personal Consumption Expenditures (PCE) index fell to 2.2%, down from 2.8% in the previous quarter, signaling significant inflation relief.
Fed Rate Cuts on Deck: With moderating inflation, the Fed is expected to cut interest rates by 25 basis points next week, per the CME FedWatch tool—good news for investors.
Growth Prospects Stay Bright: Oxford Economics predicts strong GDP momentum into next year, reducing layoff risks and bolstering economic stability.
Eyes on Friday’s Jobs Report: October’s employment data will be key; economists forecast 110,000 new jobs, a drop from September’s 254,000 but potentially supportive of the Fed’s rate strategy.
